Glitnir Bank, the leading provider of financing and advisory services to the global seafood industry, advised Seattle-based American Seafoods Group on the acquisition of the Alaskan pollock assets of Yardarm Knot, Inc.
The acquisition of these assets by American Seafoods Group (ASG) will enable it to further its position in the dynamic and growing global seafood industry.
Glitnir’s seafood team in New York acted as exclusive financial advisor to ASG whilst also participating in the financing of the acquisition.
Executive Vice President, International banking, Magnus Bjarnason, commented, “We are delighted to have advised ASG on this milestone transaction, which will increase the efficiency of the seafood sector in Alaska. Our industry team in New York again successfully acted as the lead advisor on a significant industry transaction, and our debt financing unit played a key role.”
Glitnir has a long-standing relationship with ASG, its shareholders and management team, and has supported the company in several of its most critical transactions. According to Bernt Bodal, CEO of ASG, Glitnir has been “a valuable and trusted partner delivering results both as a financial backer and as an advisor throughout the transaction processes.”
Magnus Bjarnason added, “Glitnir is proud to be indirectly supporting the economic improvement of the Alaskan communities, given their ownership in ASG.”
A regional fund and fishermen’s association, which together represent around 10,000 Alaskans, supply valuable fisheries quotas to ASG and own a significant share in the company.
Glitnir focuses on banking in the seafood industry as one of three global market niches. The bank, with its routes in Iceland and Norway, offers universal financial solutions, specific to the needs of its seafood clients.
Visit Glitnir’s corporate website for more information on its financial services for the seafood industry.